Crypto Market Shows Strength and Resilience As Bitcoin Absorbed $9.6 Billion and BTC Accumulation...

Crypto market shows strength and resilience as Bitcoin absorbs $9.6 billion sell-off.

80,000 BTC in OTC desk sales does nothing to dampen market momentum

Anchorage Digital accumulated 10,141 BTC worth $1.19 billion.

The crypto market shows strength nd resilience as Bitcoin absorbs $9.6 billion sell-off over the weekend with 80,000 BTC moved over OTC desks. During bear markets, big sell-offs like this usually lead to a big price dip for the crypto market. However, as we are in the middle of a bull market, the crypto market experiences minimal impact, and BTC accumulation continues to increase on institutional levels

Crypto Market Shows Strength and Resilience

The month of July has been an impressive month for the crypto market. The highly-anticipated Q3 kicked off with a new $123,000 ATH for Bitcoin (BTC), followed by a short price dip to the $118,000 price region, where BTC continues to trade. Similarly, the price of Ethereum (ETH) broke past the $38,000 and $3,900 price levels and is hoping to break past the $4,000 price target next

Last week, however, the price of BTC fell suddenly from $119,000, just a short pump away from the $120,000 and the previous ATH of $123,000 price target to the $115,000 in a sudden dip that led to $107 million getting liquidated, of which $105.59 million got liquidated in long trades. The cause behind that liquidation was Galaxy Digital selling 10,000 BTC worth $1.18 billion

Turns out the entity was just getting started on offloading its 80,000 BTC received during the Satoshi era, for massive profits. As we can see from the post above, Glassnode confirms the absorption of the $9.6 billion sell-off over the weekend, as 80,000 BTC was moved via OTC desks. This was Galaxy Digital moving and trading its 80,000 BTC holdings to reputed crypto exchanges to take profits

The post then goes on to highlight how, despite this heavy BTC selling, the impact of the global crypto market was minimal. Thus, the post concludes that this shows not only the strength and resilience of Bitcoin (BTC), but also acts as proof of deep liquidity and structural resilience of Bitcoin and the greater crypto market. To seasoned analysts, this comes as no surprise, as we are in a bull market and crypto prices tend to hold strong as bulls heavily buy any dip, seeing it as a golden opportunity.

Anchorage Digital Accumulates 10,141 BTC Worth $1.19 Billion

Meanwhile, institutional accumulation also adds to the bullish strength and acts as support to further propel the price of BTC to greater highs. Most recently, Anchorage Digital, a digital asset platform and infrastructure provider dealing with holding and investing infrastructure for crypto products, accumulated 10,141 BTC worth $1.19 billion from multiple wallets in under 9 hours.